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Our Bureau

Hyderabad, April 13

Pennar Industries Ltd has informed the stock exchanges that it has sought the approval of BIFR for the implementation of resolutions passed by the shareholders at the extraordinary general meeting (EGM) held on March 27.

The EGM has approved a resolution to increase the authorised share capital to Rs 100 crore from Rs 80 crore. The shareholders authorised the board to offer to Eight Capital and Associates not more than 50,32,000 convertible debentures of Rs 100 each carrying an interest of 7 per cent per annum, compounded and payable quarterly, which would be compulsorily and automatically converted within 18 months from the date of allotment into 3,41,20,000 equity shares of Rs 5 each at a premium of Rs 9.75. The board was also authorised to offer Eight Capital and Associates not more than 72,07,300 rupee denominated optionally convertible debentures (OCDs) of Rs 100 each for cash carrying interest of 10 per cent per annum compounded and payable quarterly convertible at the option of the OCD holder within an aggregate time period of 18 months from the date of allotment of the OCDs into 1,44,14,600 equity shares of Rs 5 each at a premium of Rs 45 per share.

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